Northwest Bancshares in Columbus, Ohio, plans to reposition its securities portfolio. The $14.5 billion-asset company said in a press release that it will sell up to 15% of its investment securities portfolio. Northwest expects to recognize a $40 million pretax loss from the sales. Proceeds will initially be used to lower borrowings while also reinvesting into securities with similar risk, maturity and duration characteristics. The company said it expects a

U & I Financial in Lynnwood, Wash., restated its fourth quarter results – leading a big net loss – and suspended its dividend after issues surfaced in its equipment finance business.   The $610 million-asset company said it lost $18 million after increasing its loan-loss provision from $3.1 million to $26.1 million. The issues are tied to a business where its finances borrowers purchase of equipment from manufacturers.   A

Synovus Financial in Columbus, Ga., reported lower quarterly profit after charging off an $18 million loan to an aviation company. The $59.8 billion-asset company said in a press release that its first-quarter earnings fell by 41% from a year earlier, to $114.8 million. The loan-loss provision increased by 68% to $54 million. Nonperforming loans would have declined in the first quarter if the aviation loan was excluded, Kevin Blair, Synovus’

Three credit unions mergers were announced in Illinois. The $3.5 billion Consumers Credit Union in Lake Forest is planning to merge with the $417 million-asset KCT Credit Union in Elgin and the $39.1 million-asset Rockford Bell Credit Union in Loves Park.  Members at KCT and Rockford Bell will vote on the mergers later this year. The merger is “a testament to our shared vision of delivering exceptional value and service

Mercury has launched a personal banking service designed to simplify and optimize the banking needs of startups. The San Francisco fintech said in a press release that Mercury Personal is designed for founders and investors based on feedback from clients. “By offering personal banking for founders and investors, we’re able to deepen our relationship with them,” Immad Akhund, Mercury’s CEO, said in the release. “Mercury Personal is a strategic move

Pathward Financial will pay about $700,000 in refunds and penalties to resolve claims by the New York Attorney General’s Office that the Sioux Falls, S.D., company illegally froze customer accounts and transferred funds debt collectors. New York Attorney General Letitia James’s office said in a press release that the $7.9 billion-asset Pathward cooperated with the investigation and voluntarily began remedying its practices last year. The company will refund roughly $80,000

Plumas Bancorp in Reno, Nev., used proceeds from the sale-leaseback of branches to unload underwater securities during the first quarter. The $1.6 billion-asset company said in a press release that it sold $115 million in securities at a $19.8 million loss. Plumas said that, between December and late March, it bought $120 million of higher-yielding securities. Plumas said it sold nine branches in mid-February for a $19.9 million net gain

Skyline Bankshares in Independence, Va., has agreed to buy Johnson County Bank in Mountain City, Tenn. The $1 billion-asset Skyline will pay $25 million in cash for the $152 million-asset Johnson County Bank. The deal is expected to close in the second half of this year. "This strategic move is not only rooted in our shared values but also aligns with our growth objectives, presenting an exceptional opportunity to enhance